We provide international empirical evidence that periods of rapid expansion in credit—credit booms—lead to both a relaxation of financial constraints and a worsening of capital allocation. These two effects are related, suggesting a more prominent role for the investor sentiment views of the credit cycle. Firms more likely to be financially constrained because of their size, industry, or country experience stronger misallocation in booms. At the macro level, credit booms with higher capital misallocation result in a higher probability of experiencing a banking crisis and poor economic and financial performance after the boom ends.

中文翻译：

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信贷繁荣的好处、坏处和不太丑陋的地方？：资本配置和金融约束

我们提供的国际经验证据表明，信贷快速扩张时期（信贷繁荣）会导致金融约束的放松和资本配置的恶化。这两种影响是相关的，表明投资者对信贷周期的情绪看法发挥着更重要的作用。由于规模、行业或国家的原因，企业更有可能在经济繁荣时遭受更严重的错配。从宏观层面来看，信贷繁荣伴随着更高的资本错配，导致繁荣结束后发生银行业危机以及经济和金融表现不佳的可能性更高。